New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-08-31
FAILURE OF A GREAT COAL FIRM.
ROBERT HARE powell g. CO., OF PHILADELPHIA.
sUsPENp-CREDIToRs WELL SECURED.


sUsPEND-CREDrToRs WELL SECURED.
PHILADELPHIA, Aug. 80 tSpeciaI.-Onc of the
largest coal firms in this city, Robert Hare Powell g.
Co.. gave notico this morning OF its assignment. Man
ager John Bradley of the rm said that the failure
was the result Of the suspension OF Charles f. Pen
mock of Coatesville the iron plate merchants, whose
notes bore the Endorsement of the two firms Robert
Hare Powell g. Co., aud Robert Hare Powell, Sons &
Co. The liabilities are 81 00000-the amount OF
the Endorsements, but the members of the urm say
that the assets consist of coal lands worth
S4 900, 900. The two firms separate, yet their
business was closely interviewer. The firm OF Robert
Hare Powell, Sons Il Co., OF No. 419 Wanut-st Is ths
successor OF Robert II are Powell & Co.. who were the
sole proprto miners and shippers OF the Powelton
semi btuminOus Goals and the largest individual hrm
in the semi bituminous coal trade in the United
States The Poseiton collieres are IN Huntingdon
Centre Clearfeld, Wcstmvrelan1 and Allsghany
Counties IN Pennsylvania, and in ,lmont County in
Ohio. The capacity Is 5000 tons per day. The firm
also owns an ore tract iu Huntington and Bedford
Counties. The firm OF Robert Hare Powell & Co. was
comprised Of Robert Hare Powell and John c. Brad
low brothers-in-law At one time il owned mines in
Schuy kill County but sold them to the Readirg Rail-
road. In 1874 John c. Bradley was taken into part
nershp with Mr.. Powell aud few years ago the firm
was changed to Robert Hare Powell Sons g. Co.. the
sons of Mr.. Powell. Robert Hare Devereaux and
Henry D. being taken in The FIRM has been regarded
as the heavies' shippers OF coal from the Green
wich piers.
Robert uare Powell & Co. have Issued a circular
which they say they made the assignment not only to
secure those to whom they are indebted but also TO
save to themselves valuable property. They say
their paper has rot been protested and that ;teir
wages account il settled up to the last settlements
date A detailed statement OF their assets will he
ready in about twenty days They ask forbearance
from their creditors The firm will carry on the bus
ness which is profitable. This evening Mr.. Bradley,
senior member OF the frm said We have just re-
ceived dispatch from works and all ,he en-
Moves are perfectly willing continue with their
work and Q, erything will 60 as usual Oi course
il Is TOO early yet to give detailed statement but we
are ape to say that our bills receivable which Is as
good as cash. amount to p24O, 900 aud when we as
sicnea we shut down with $3s, 900 in bank We have
done nothing TO benefit ourselves individu ilv Every
seu that has been taken has been for the beneht OF
the creditors solely. We will pull through AL right
There il no doubt about it We are not in Il least
alarmed and we believe orf creditors Will all 1cel as
well assured as that We will be all right IN
| little WHILE The Guarantee Trust and Safe Deposit
| Company has been made assignee and the court mas
| appointed the following well known gentlemen ap
| raistrs: j. Simpson Africa OF Huntingdon the Hon.
Alexander Port, of Huntingdon; B Andrews hnisif,
| of this CITY, president Of the Huntington ana broad
| op Railroad Company Edward W. Colt, presidents
| of the Reading Iron Works; Edward McliuSh' gen
sral manager OF company, who has most aceur,
ate knc wledge of the works aud plant OF the concer
The failure was announced Wall Street early In the
| day. but had little effect the stock market II was
repored that the had assets largely In excess oits
nv and fact that its assets eoussted OF
coal and iron properties whose value could not DO
realized by ordinary sale The drm was little known In
Wall street and the failure had no specu.uve inpo.
be member OF the family but 70 nave NO interestin
i the business OF the hrn.